Blue Elm United Estates

Boston, MA - December, 2023 - $64 million HUD Section 223(f) refinance of Blue Elm United Estates.

Blue Elm United Estates is a 285-unit multifamily development located in Roxbury neighborhood of Boston. The development consists of 10 non-contiguous three- and four-story apartment buildings originally constructed in 1920. All of the property’s 285 units are covered under two separate 20-year Project-Based Section 8 Contracts.

Proceeds of the loan will be used to pay-off existing debt, complete upgrades and repairs of approximately $1.6 million and fully fund replacement reserves at the property.